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CEO absconds as forex firm allegedly defrauds 52 investors of N122m

Victims of an alleged scam perpetrated by a Lagos-based forex training and capital investment company, MBA Capital and Trading Limited, are worried over their unpaid dividend and capital, and the disappearance of the Chief Executive Officer, Maxwell Odum. The victims, numbering 52, said the total amount they were defrauded of was N122,510,000, adding that the company closed on December 22, ...

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Court Convicts Ex-Bank PHB Boss, Atuche Over N25.7bn Theft

A Lagos High Court sitting in the Ikeja area has convicted Francis Atuche, a former Managing Director of the defunct Bank PHB on charges of stealing the sum of N25.7bn belonging to the bank. In a judgment that lasted over 10 hours, Justice Lateefat Okunnu convicted Atuche alongside a former Chief Financial Officer of the bank, Ugo Anyanwu. The court ...

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Again, FG begins Land Swap with private investors @ FCT.. see why

The Federal Executive Council (FEC) has approved the resumption of the Federal Capital Development Authority (FCDA) land swap initiative. The Minister of the Federal Capital Territory (FCT) Mohammed Bello, made the disclosure after the Federal Executive Council meeting presided over by President Muhammadu Buhari at the State House, on Wednesday The initiative which was launched under the previous administration and ...

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World Bank reveals, electricity tariffs highly subsidise by FG in Nigeria

Government if Nigeria would pay an additional N3.08tn through 2023, if current performance levels and low tariffs persist. The Federal Government has borrowed a total of N1.3tn since 2017 to ensure that generation companies and gas suppliers received enough payments to continue generating electricity, the World Bank has said. The bank said this in its ‘Resilience through Reforms’ report.The report ...

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External reserves drop by $1.4bn within 2 mths

The country’s external reserves fell by $1.4bn in two months, the latest data from the Central Bank of Nigeria showed on Wednesday. The reserves, which stood at $35.25bn as of April 16, fell to $34.23bn as of May 31 and $33.85bn as of June 15. Speaking on the decline in external reserves at the recent Monetary Policy Committee meeting, the ...

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Tax defaulters to pay 50% of disputed amount into court account before hearing

Tax defaulters who plan to institute legal cases against the Federal Inland Revenue Service (FIRS) now have to pay 50% of the assessed amount in dispute into an interest-yielding account of the Federal High Court before the court can hear such matters.Executive Chairman, FIRS, Mr Muhammad Nami, disclosed this on Friday during a public hearing organised by the House of ...

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Spray naira notes, go to jail – CBN warns Nigerians

The Central Bank of Nigeria, CBN, has warned Nigerians against spraying the Naira notes in parties and other events. The CBN spokesman, Isaac Okorafor, who made this known on Thursday in a statement, said defaulters would be jailed for not less than six months and would be given the option of a N50,000 fine. According to the spokesman, the CBN ...

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Reps mandate CBN to arrest dwindling value of Naira now !

The House of Representatives has asked the Central Bank of Nigeria to urgently put in place a policy to check further devaluation of the naira to the United States dollar and other international legal tenders. The House decried that while the Nigerian currency was losing value, others in African were appreciating. At the plenary on Wednesday, the House unanimously adopted ...

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President Buhari receives made in Nigeria Phone

President Buhari with Minister of Trade and Investment Otunba Niyi Adebayo as he received ITF Mobile, an Android phone fully made in Nigeria, from locally sourced components, by the electrical/electronics technology department of the Industrial Training Fund’s (ITF) Model Skills Training Center (MSTC) in State House on 9th June 2021

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FG shortlists 550,000 for N-Power programme final selection

The Federal Government through its National Social Investment Management System has shortlisted 550,000 applicants for the final selection for Batch C of the N-Power programme. It also said that the Central Bank of Nigeria would support Batches A and B beneficiaries who had completed the N-Power programme with soft loans. The Minister of Humanitarian Affairs, Disaster Management and Social Development ...

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Bakers lament high cost of materials..30% price increase likely

The Association of Master Bakers and Caterers of Nigeria (AMBCN), are lamenting the high cost of raw materials for bread production. Consequently, the association said there may be a 30 per cent increase in the price of bread in order to avoid the shutdown of bakeries. The Chairman AMBCN, Ishaq Abdulkareem, of Abuja Chapter said that the imminent increase in ...

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Onion traders stop supply to all south States from June 7th ..see reasons

It is no longer about eastern state of Nigeria alone.. The ban if supply has been extended to South South and south west. The Onion Producers and Marketers Association of Nigeria (OPMAN) says it will stop the supply of onions to the entire southern region from Monday, June 7. The association’s decision comes a few days after it suspended the ...

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Exposed! Despite denials, Army retires 29 for COAS’ emergence

Though verily and randomly denied, top, high ranking personnel had been retired following the appointment of Mr Yahaya, who belonged to Regular Course 37. Mr Yahaya, a major general, from Sokoto State, was named the army chief by President Muhammadu Buhari on May 27. He succeeded Ibrahim Attahiru, a lieutenant general, who died on May 21 in a plane crash ...

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20 perish in Zaria-Kano highway crash

On Saturday, June 5th, 20 persons died in a road crash on the Kano-Zaria Expressway, around Kauran Wali area The crash involved a Hummer bus belonging to the Kano Line with number plate KN 90 H42 and a Toyota RAV4 SUV with number plate ABC 550 NV. The bus was Kano-bound, while the SUV was headed for Zaria. The two ...

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Fear of demolition as Lagos focuses on Suberu-Oje, 8 other villages

Land Owners in Nine communities of Lagos State are getting livid with fear of building demolition. Reason ? ..Lagos State Government said it has prepared development guide plans for nine excised villages in the state. They communities are Apa, Onikanga, Suberu-Oje, Ketu Ijanikin, Awoyaya, Eleputu, Orimedu, Sangotedo and Langbasa. The Commissioner for Physical Planning and Urban Development, Dr. Idris Salako, ...

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Private jet Owners’ Verification begins june 7

The Nigeria Customs Service (NCS) has said it will begin a verification exercise for all private jet owners from June 7 to July 6, 2021, for documentation. Speaking during a press conference in Abuja on Monday, the spokesman of the service, Deputy Comptroller Joseph Attah, said the exercise was necessitated by the economic and security situations of the country and ...

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Standard Chartered to launch crypto exchange services

Standard Chartered Plc has said it is set to launch a cryptocurrency exchange and brokerage service. The bank said its innovation arm, SC Ventures, would establish the platform. The move will be a joint venture between SC Ventures and BC Technology Group, a Hong Kong-based investment company specialising in digital assets, according to Bitcoin.com. BC Technology operates OSL, the first ...

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Cooperative Mortgage Bank introduces agency banking tagged COS

Cooperative Mortgage Bank said it has introduced a unique agency banking system called ‘Coop One-Stop’ in order to bring banking closer to the people. The Head of Agency Banking, Mrs Stella Abu, said the initiative was designed to allow agents to be physically present in cooperative society offices, local governments, universities, markets, villages and small communities to provide regular banking ...

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Majority of Nestle’s food portfolio is unhealthy, report says

Financial Times reported on a presentation that was circulated among top executives of Nestle this year. This presentation revealed that Nestle, the world’s largest food company, acknowledged that more than 60% of its food and drinks products do not meet a “recognized definition of health” and that some of its categories and products will never be ‘healthy’ no matter how ...

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External reserves dropped by $640m in May – CBN

The country’s external reserves lost $640m in May, falling to $34.24bn on May 28 from $34.88bn as of April 28. Figures obtained from the Central Bank of Nigeria on Tuesday revealed that the reserves had been fluctuating in recent weeks. Speaking on the decline at the recent Monetary Policy Committee meeting, the CBN Governor, Godwin Emefiele, said, “This reflects sales ...

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